Third buy in a month for First Derivatives

Specialist technology firm First Derivatives has acquired Canadian company Affinity Systems, for a maximum consideration of Can$14.5m (€10.6m).

If paid in full, the deal will bring the Newry-based firm’s spend on acquisitions inside the past month alone to over €30m. The Affinity deal follows up First Derivatives buying Dublin-based software provider ActivateClients for nearly €5m, and paying a maximum consideration of $20m for US firm Prelytix in February.

Affinity is an Ontario-based provider of software development and consultancy services and has recently released a software solution that addresses enterprise big data challenges. Its takeover expands First Derivatives —the Newry firm offers tailored software solutions to the likes of hedge fund administrators and investment banks — suite of services within the Internet of Things space, with particular focus on sectors like healthcare, utilities and finance.